Forex: EUR/GBP Technical Analysis – Turn Lower Hinted Below 0.84

| 21 mars, 2014 | 0 kommentarer

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8326 (23.6% Fib exp.), 0.8281 (38.2% Fib exp.)
  • Resistance: 0.8399 (Mar 19 high)

The Euro may be readying to turn lower against the British Pound once again after prices put in a Bearish Engulfing candlestick pattern. Initial support is at 0.8326, the 23.6% Fibonacci expansion, with break below that exposing the 38.2% level at 0.8281. Near-term resistance is at 0.8399, the March 19 high. A daily close above this barrier invalidates the Bearish Engulfing setup.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. On the other hand, entering a long trade looks premature absent a defined bullish reversal signal. We will continue to stand aside for now, waiting for a more attractive setup to present itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_eur-chf_body_Picture_7.png, Forex: EUR/GBP Technical Analysis  Turn Lower Hinted Below 0.84

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *